BIS Working Papers

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196: The evolving inflation process: an overview

Gabriele Galati and Will Melick

195: Interpreting Euro area inflation at high and low frequencies

Stefan Gerlach and Katrin Assenmacher

194: Output gaps and inflation in Mainland China

Stefan Gerlach and Wensheng Peng

193: Procyclicality in the financial system: do we need a new macrofinancial stabilisation framework?

William White

192: The mechanics of devaluations and the output response in a DSGE model: how relevant is the balance sheet effect?

Camilo Tovar

191: Explaining the level of credit spreads: option-implied jump risk premia in a firm value model

Martijn Cremers, Joost Driessen, Pascal Maenhout and David Weinbaum

190: The pricing of unexpected credit losses

Jeffery Amato and Eli Remolona

189: Beyond current policy frameworks

Charles Goodhart

188: Japan's deflation, problems in the financial system and monetary policy

Naohiko Baba, Shinichi Nishioka, Nobuyuki Oda, Masaaki Shirakawa, Kazuo Ueda and Hiroshi Ugai

187: External shocks, transmission mechanisms and deflation in Asia

Hans Genberg

186: Deflation in a historical perspective

Michael Bordo and Andrew Filardo

185: Has the inflation process changed?

Stephen Cecchetti and Guy Debelle

184: A nonparametric analysis of the shape dynamics of the US personal income distribution: 1962-2000

Feng Zhu

183: The fragility of the Phillips curve: A bumpy ride in the frequency domain

Feng Zhu

182: Revisiting recent productivity developments across OECD countries

Bruno Tissot and Les Skoczylas

181: Explaining credit default swap spreads with equity volatility and jump risks of individual firms

Zhu Haibin, Benjamin Zhang and Hao Zhou

180: Accounting, prudential regulation and financial stability: elements of a synthesis

Claudio Borio and Kostas Tsatsaronis

179: An empirical evaluation of structural credit risk models

Nikola Tarashev

178: Research on exchange rates and monetary policy: an overview

Jeffery Amato, Andrew Filardo, Gabriele Galati, Goetz von Peter and Feng Zhu

177: Forbearance and prompt corrective action

Ilhyock Shim and Narayana Kocherlakota

176: Debt-deflation: concepts and a stylised model

Goetz von Peter

175: Commercial property prices and bank performance

E Davis and Zhu Haibin

174: How does fiscal policy affect monetary policy in emerging market countries?

Edda Zoli

173: Measuring default risk premia from default swap rates and EDFs

Antje Berndt, Rohan Douglas, Darrell Duffie, Mark Ferguson and David Schranz

172: The effectiveness of foreign exchange intervention in emerging market countries: evidence from the Czech koruna

Gabriele Galati and Piti Disyatat

171: The role of the natural rate of interest in monetary policy

Jeffery Amato

170: A model of the IMF as a coinsurance arrangement

Ralph Chami, Sunil Sharma and Ilhyock Shim

169: Current account adjustment and capital flows

Gabriele Galati and Guy Debelle

168: Inflation targeting, asset prices and financial imbalances: conceptualizing the debate

Piti Disyatat

167: Asset prices and banking distress: a macroeconomic approach

Goetz von Peter

166: Are speculative attacks triggered by sunspots? A new test

Nikola Tarashev

165: Stress-testing financial systems: an overview of current methodologies

Marco Sorge

164: Did investors regard real estate as 'safe' during the 'Japanese Bubble' in the 1980s?

Serdat Dinc and Patrick McGuire

163: CDO rating methodology: Some thoughts on model risk and its implications

Ingo Fender and John Kiff

162: Recent fiscal policy in selected industrial countries

David Lebow

161: The monetisation of Japan's government debt

David Lebow

160: An empirical comparison of credit spreads between the bond market and the credit default swap market

Zhu Haibin

159: The term structure of credit spreads in project finance

Marco Sorge and Blaise Gadanecz

158: Market distress and vanishing liquidity: anatomy and policy options

Claudio Borio

157: Securing sustainable price stability: should credit come back from the wilderness?

Claudio Borio and Philip Lowe

156: Deposit Insurance and Bank Intermediation in the Long Run

Robert Cull, Lemma Senbet and Marco Sorge

155: Monetary policy and asset price bubbles: calibrating the monetary policy trade-offs

Andrew Filardo

154: Monetary and real shocks, the business cycle and the value of the euro

Renato Filosa

153: Macroeconomic implications of rising household debt

Guy Debelle

152: Back to the future? Assessing the deflation record

Andrew Filardo and Claudio Borio

151: Bank ties and bond market access: evidence on investment-cash flow sensitivity in Japan

Patrick McGuire

150: Bank lending and commercial property cycles: some cross-country evidence

E Davis and Zhu Haibin

149: Monetary policy rules in emerging market economies: issues and evidence

Madhusudan Mohanty and Marc Klau

148: The 2001 US recession: what did recession prediction models tell us?

Andrew Filardo

147: Whither monetary and financial stability? the implications of evolving policy regimes

William White and Claudio Borio